Two more retirement villages under way

WELLINGTON: Summerset Group Holdings wants to build a second retirement village in Napier, while Metlifecare has settled a land deal for a site in Auckland’s Hobsonville, as retirement village operators continue to expand their national footprints.

Wellingtonbased Summerset said it had bought a 9ha site in Napier’s Te Awa suburb near the Maraenui Golf Club, where it plans to develop a 320unit site with two and threebedroom villas, onebedroom serviced apartments and hospital and resthome care.

‘‘Demand for homes at our other Hawke’s Bay villages is high,’’ chief executive Julian Cook said.

‘‘We have been looking for the right piece of land in the area for some time so more people can experience the Summerset lifestyle.’’

The Napier site takes Summerset’s greenfields sites to seven, and it has 23 villages completed or under development, housing 4700 residents.

Separately, rival Metlifecare said its acquisition of a 5.3ha site in Hobsonville went unconditional.

The retirement village operator expects to spend more than $200 million building a 264unit village, including a 36bed care home.

‘‘We are confident that the village will be well received by the community and adds significant value to the company,’’ Metlifecare chief executive Glen Sowry said.

Construction is expected to begin in the first half of 2019.

The Hobsonville site will take Metlifecare’s total number of villages to 28, including 18 in Auckland.

Summerset shares slipped 0.3% at $7.02 but have gained 28% this year, making it the thirdbest performer on the S/NZX 50 index behind a2 Milk Co and Synlait Milk.

Metlifecare was unchanged at $5.74; it has dropped 5.9% so far this year. — BusinessDesk